Posted in Innovative Ideas, Marketing Programs, tagged Akin Arikan, CMO Council, David Raab, digital, innovation, Jim Lenskold, marketing, marketing automation, Marketing Infrastructure, marketing metrics, marketing organization, marketing ROI, marketing technology, NPV, Pat LaPointe, ROI, Sandy Carter, technology on May 28, 2009|
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I’ve been pretty heads-down over the past few weeks, analyzing the data and results from my graduate research and also working on my upcoming book. As I’ve dug into the data, there clearly are some self-evident themes emerging around marketers’ opportunities and challenges with adopting strategic marketing systems and technologies (which I will be covering on this blog in more depth over the coming weeks). One of the clearest themes is the great chasm that exists between aspiration and reality for marketers when it comes to marketing measurement and the analysis of marketing return on investment (ROI).
My research found that these topics are top of mind for marketers, and many state their organizations are already beginning to engage with analytics software. When asked about tactical/operational objectives for new technology deployments, measurement and ROI analysis are at the top. This is consistent with a new Lenskold Group / MarketSphere report, released this week. “Current economic conditions are putting pressures on marketers to better understand their marketing effectiveness as 8 in 10 marketers (79%) report that the need to measure, analyze and report marketing effectiveness is greater in 2009,” according to the press release for the report.
Yet my research found that the same marketers give their organizations low marks on analyzing performance and overwhelmingly comment that their organizations are ‘not aggressive’ when it comes to marketing technology investments. Aspirations are high, but the reality of investment in systems and technologies to deliver on the aspiration is low. This also was echoed by Lenskold/MarketSphere, which further commented in their release, “[B]udget pressures are evident with 6 out of 10 (59%) indicating that this higher demand for measuring marketing effectiveness is not budgeted for … .”
The reality is that marketers cannot get enough of systems and technology to tackle measurement and ROI analysis; they have barely scratched the surface. Far from solved, this is an issue that has only become more important and yet more complicated over time. Customer channels are exploding in number, and yet marketers are incapable of delivering measurement and ROI analysis that takes this new reality into consideration. “Buyers are multichannel beings. Buying cycles are cross-channel,” comments Akin Arikan in his recent book, Multichannel Marketing. “Yet online and offline marketers still perform their measurements of success in isolation.”
So what are marketers’ aspirations; where is the disconnect; what are their challenges; and what are potential strategies for overcoming these challenges?
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Posted in Innovative Ideas, Marketing Programs, tagged CRM, dialogue, digital, innovation, integrated marketing management, marketing, marketing channels, marketing execution management, Marketing Infrastructure, marketing metrics, marketing technology, ROI, technology on April 13, 2009|
Today I am extending an open invitation for marketers that read this blog to help participate, both in my upcoming book – tentatively titled Connected Marketing – and in my current graduate research project, by taking part in a survey of US marketers that I am currently conducting.
As I noted in a previous post, the focus of my current research is on analyzing and synthesizing ways that marketers could better leverage technology for more connected and more strategic marketing, as well as identifying the cultural, organizational and technological barriers marketers face in trying to adopt strategic marketing technology (versus the myriad of tactical technologies they rely upon today). By presenting insights both into the ‘state of the art’ and into what is keeping marketers from getting there, I hope to provide marketers with new leverage in how they attack the problem.
A key component of this research is an original benchmark survey of marketers focused on garnering insights into marketing technology priorities and experiences. This is where I need your help.
Participate in the Survey
If you are a US-based marketer, please take a few minutes this week to participate in this survey.
This is the last week of the survey, and I need the help of the regular readers of Propelling Brands to hit my target research sample size. So if you can take a few minutes today to fill this out, I’d appreciate it. It shouldn’t take more than 10 minutes, and as a thank-you for your participation, you will receive a summary of the survey results and will be entered into a drawing for an Amazon gift card.
Deadline for completing the survey is Midnight PT on Sunday, April 19, 2009.
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Posted in Brand Strategy, Innovative Ideas, Marketing Programs, tagged Bob Barker, CMO, CMO Council, CRM, dialogue, digital, innovation, John Quelch, John Rotheray, KPI, marketing, marketing execution management, Marketing Infrastructure, marketing metrics, marketing organization, marketing technology, Mike Pilcher, NPV, organizational change, ROI, Scott Brinker, technology, technology change on March 20, 2009|
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No member of the C-suite has a riskier or more-short-lived term than the chief marketing officer (CMO). The average tenure of a CMO at the ‘100 most advertised’ US brands is 28.4 months, according to recruiting firm Spencer Stuart in a recent Advertising Age column by John Quelch. In fact, as a marketer, few things are as much of a sure-fire, eventual career killer as being named CMO. Strange … you’d think that getting to the top of marketing hierarchy would be the pinnacle of one’s career.
The challenges faced by the CMO speak to many of the fundamental strategic problems underlying marketing organizations and marketing science today and that are linked to a permanent shift in power from brand-company to customer and to a proliferation of communication channels and information sources.
For CMOs to succeed they must sit at the top of a newly-agile marketing organization, built from the ground up with sophisticated, financially-savvy and technology-empowered closed-loop systems and processes in place that can scale, that can manage increasingly complex and customer-centric communication execution and that can provide necessary transparency into multi-channel program performance. And this transparency must provide other C-suite colleagues with the real-time status of key performance indicators (KPIs) and on the return on investment (ROI) of marketing programs in net present value (NPV) terms. “[F]inancial accountability of marketing is here to stay,” argues Quelch in the Advertising Age column. “[I]mproved accountability requires CMOs to be financially literate, to understand the balance sheet as well as the income-statement effects of marketing initiatives.”
Too often, though, such an organization does not exist. “Although the marketplace has changed beyond all recognition due to Web 2.0 and the explosion in digital – marketing technology and process have not kept up with the changes,” commented Bob Barker, VP of corporate marketing at Alterian, in a recent post on DM News.
The imperative for the CMO, thus, is to drive change.
And that change must be focused on building just such an organization. It is not sufficient to manage execution of the existing organization or to believe that your company is already ‘getting it right’ today. There is no room for complacency or incremental efforts. Marketing is a dynamic practice that keeps an organization in check with the dynamic needs of its customers and of the marketplace. CMOs must drive change because their organizations must constantly change to remain competitive – a fact that was validated in a recent CMO Council report, which noted “… 61% of respondents believe that marketing operational transformation will be an essential area of focus for them in the months ahead.”
So how do CMOs do this? And where should they focus their efforts to transform the marketing organization?
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Posted in Blog Contributors, Innovative Ideas, Marketing Programs, tagged brand monitoring, CRM, cross-channel, dialogue, digital, integrated marketing communication, marketing, marketing co-creation, marketing execution management, Marketing Infrastructure, marketing metrics, marketing technology, personalization, ROI, semantic analysis, software as a service, technology, text analytics on February 13, 2009|
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Today’s post is a bit different from the usual. We won’t be diving into a key topic at the intersection of brands, marketing, innovation and technology, nor will we be presenting a Q&A with a forward thinker in the space; instead, I am asking for your help with a project.
I am in the process of writing a book – tentatively titled Connected Marketing – that is for marketers, that covers the topic of marketing technology and that is meant to help marketers deploy and use technology in a substantially-different way than they do today.
This book has evolved from a convergence of 1.) my interests and blogging about this space, 2.) my past experiences as a marketing leader and consultant in the technology industry, 3.) my ongoing discussions and interactions with leaders in the marketing technology space and 4.) research I’m conducting as part of my current graduate program, which I will conclude in May 2009.
So what are the details, and how can you be a part of helping marketers to better leverage technology and, thus, to take the ‘connectedness’ of their marketing organizations to the next level?
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